Broder Bros., Co. on Tuesday announced the resignations of Vince Tyra, Chief Executive Officer, and Mark Barrocas, President. The Company also announced that Thomas Myers, Director, has been appointed Interim Chief Executive Officer effective immediately. The Company has commenced a search process to fill the vacancies resulting from the resignations of Messrs. Tyra and Barrocas.
Vince Tyra joined the Company as its Chief Executive Officer effective with the purchase of Broder by Bain Capital in May 2000. Mr. Tyra has decided to spend more time with his family in Louisville, KY where he expects to tend to his personal investments. Mark Barrocas was named President of Broder in February 2005. Mr. Barrocas has accepted another position outside the imprintable sportswear distribution industry. To facilitate a smooth transition, Mr. Tyra has agreed to stay with Broder through December 2005 and Mr. Barrocas will remain with the Company through November 18, 2005.
“While the overlapping timing of the unrelated departures of two of our senior executives is unfortunate, the Company remains strongly positioned for success,” commented Thomas Myers, Interim Chief Executive Officer. “The industry supply issues that challenged the Company during the first three quarters of 2005 have eased considerably and our private label brands continue to gain momentum,” continued Myers. “Although we do not intend to use it any time this year, the recent increase in our revolving credit facility from $175 million to $225 million ensures the Company's liquidity is secure. Speaking on behalf of Bain Capital, we have always been highly confident in the talents of Broder's management team which go much deeper than two executives. The Company will continue to fill over 15,000 orders and ship over one million shirts every day, and we remain extremely optimistic and committed to the success of Broder Bros.,” concluded Myers.
